Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Increased to $70.00 by Analysts at Morgan Stanley

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target boosted by Morgan Stanley from $50.00 to $70.00 in a research note released on Thursday, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other equities research analysts have also commented on CRNX. Citigroup started coverage on shares of Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They issued a buy rating and a $68.00 price target for the company. Oppenheimer boosted their target price on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an outperform rating in a research note on Wednesday, March 20th. HC Wainwright reaffirmed a buy rating and issued a $60.00 price target on shares of Crinetics Pharmaceuticals in a research note on Thursday. Robert W. Baird boosted their price objective on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an outperform rating in a research note on Thursday, February 29th. Finally, JMP Securities restated a market outperform rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, May 10th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Crinetics Pharmaceuticals presently has an average rating of Moderate Buy and a consensus target price of $60.92.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $47.47 on Thursday. Crinetics Pharmaceuticals has a fifty-two week low of $15.76 and a fifty-two week high of $53.70. The company has a market cap of $3.74 billion, a P/E ratio of -12.56 and a beta of 0.63. The firm has a 50-day simple moving average of $46.17 and a two-hundred day simple moving average of $39.46.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The business had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The business’s revenue for the quarter was down 76.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.85) EPS. Equities research analysts forecast that Crinetics Pharmaceuticals will post -3.53 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.43, for a total value of $148,290.00. Following the transaction, the insider now directly owns 89,643 shares in the company, valued at approximately $4,431,053.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $49.43, for a total transaction of $148,290.00. Following the completion of the sale, the insider now owns 89,643 shares in the company, valued at approximately $4,431,053.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephanie Okey sold 17,500 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $46.38, for a total transaction of $811,650.00. Following the sale, the director now directly owns 6,000 shares in the company, valued at approximately $278,280. The disclosure for this sale can be found here. Over the last quarter, insiders sold 297,664 shares of company stock valued at $13,965,618. 7.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC raised its holdings in Crinetics Pharmaceuticals by 264.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after buying an additional 1,434,909 shares during the period. Artal Group S.A. purchased a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter valued at approximately $65,088,000. Jennison Associates LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 77.7% in the 4th quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock worth $90,647,000 after acquiring an additional 1,113,992 shares during the last quarter. FMR LLC boosted its position in shares of Crinetics Pharmaceuticals by 97.7% during the 3rd quarter. FMR LLC now owns 2,140,861 shares of the company’s stock worth $63,669,000 after purchasing an additional 1,057,947 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in Crinetics Pharmaceuticals by 27.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after purchasing an additional 814,360 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.